“SEC. 2-A. The
National
Power Corporation shall have an authorized capital stock of one hundred
million pesos divided into one million shares having a par value of one hundred
pesos each, which shares may not be transferred, negotiated, pledged,
mortgaged, or otherwise given as security for the payment of any obligation. The said capital stock shall be subscribed
wholly by the Government of the Philippines
and shall be paid as follows:

“The sum of eighty-two million
advanced to the
National Power Corporation
by the Government of the Philippines pursuant to the provisions of Republic Act
Numbered Two hundred sixty-six shall be the paid-in subscription for eight
hundred twenty thousand shares of stock of said capital stock;

“The surplus of ten million pesos of
the
National Power Corporation shall
be capitalized, and shall also be an additional paid-in subscription of the
Government of the Philippines for one hundred thousand shares of stock of the
capital stock; and

“The balance of eight million pesos
shall be paid from time to time from surpluses of the
Corporation, and in the absence thereof,
from bond issues upon request of the
National
Power Corporation for specific projects duly approved by the President of
the Philippines.
The payment of the interest of the
bonded indebtedness incurred by the government to capitalize the
National Power Corporation shall be paid
by the
National Power Corporation
after the completion of the project for which such indebtedness was incurred.”